Reserve Bank of India (RBI) has imposed fines on many banks. Let us know in detail how much fine has been imposed on which bank by RBI. We will also know the reason behind this fine.
RBI Action: Reserve Bank of India (RBI) on Friday said it has imposed fines on four banks, including ICICI Bank and Bank of Baroda, for deficiencies in regulatory compliance. Let us know in detail how much fine RBI has imposed on which bank. We will also know the reason for this fine.
How much fine on which bank
RBI has imposed a fine of Rs 97.80 lakh on ICICI Bank for non-compliance with certain instructions related to cyber security framework in banks, know your customer (KYC) and issuance of credit cards and debit cards. At the same time, RBI has imposed a fine of Rs 61.40 lakh on Bank of Baroda for non-compliance of certain instructions on financial services of banks and customer service in banks. Similarly, a fine of ₹ 29.60 lakh has been imposed on Axis Bank. In its statement explaining the action against Axis Bank, RBI said that the bank sent unauthorized or unrelated entries through certain internal/office accounts.
Action on these banks too
Apart from this, the central bank has also imposed a fine of Rs 31.8 lakh on IDBI Bank Ltd and Rs 31.80 lakh on Bank of Maharashtra due to some compliance lapses. RBI said that in all the cases the fine has been imposed due to deficiencies in regulatory compliance and it has no relation to the validity of any transaction or agreement of the banks with their customers.
RBI committee recommended
Meanwhile, a working group of the Reserve Bank has recommended maintaining the existing trading hours for foreign exchange markets and extending the time of the ‘call money’ market till 7 pm. Currency markets are basically hedging i.e. risk management markets which are open for trading from 9 am to 3:30 pm.
In this, trading is also allowed in the hours after the market closes, effectively making them markets active 24 hours a day on working days. At the same time, the trading time in the call money market is from 9 am to 5 pm. For repo transactions in government securities, the timing is from 9 am to 2.30 pm.
The post RBI Action: RBI imposed heavy fine on 5 banks, know the reason first appeared on informalnewz.
from informalnewz https://ift.tt/fRwzUZ7
0 Comments